Oil Country Tubular Goods Market Set to Soar Past USD 37.5 Billion by 2030
SkyQuest Technology Consulting Pvt. Ltd.
4 min read
SkyQuest Technology Consulting Pvt. Ltd.
The global Oil Country Tubular Goods market size is expected to reach USD 37.5 billion by 2030 and exhibit a CAGR of 6.5% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing demand for oil and gas globally, increasing exploration and production activities in the oil and gas industry, rising offshore drilling and deepwater exploration projects, is fueling the market's growth.
Westford, USA, July 23, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Oil Country Tubular Goods market, increasing demand for premium and high-performance OCTG products, rising focus on sustainable and environmentally friendly drilling practices, growing adoption of digitalization and data analytics in OCTG manufacturing and usage, surging investments in offshore and deepwater exploration and production, expanding use of horizontal drilling and hydraulic fracturing techniques, rising preference for locally sourced OCTG to reduce supply chain risks and support domestic industries, advancements in OCTG materials and coatings to enhance performance and longevity, are the trends that aid in the market's growth.
Browse in-depth TOC on "Oil Country Tubular Goods Market"
Oil country tubular goods (OCTG) are pipes and tubes used in the oil and gas industry. They are used to drill wells, transport oil and gas, and produce oil and gas. OCTG are made from a variety of steel alloys, and they are designed to withstand the harsh conditions of the oil and gas industry.
Prominent Players in Oil Country Tubular Goods Market
ArcelorMittal SA
National-Oilwell Varco Inc.
ILJIN Steel Co.
Nippon Steel & Sumitomo Metal Corporation
Tenaris SA
TMK Ipsco Enterprises Inc.
U.S. Steel Tubular Products Inc.
Vallourec SA
JFE Steel Corporation
Jindal SAW Ltd.
MRC Global Inc.
TPCO Inc.
Continental Alloys
Anhui Tianda Oil Pipe Company
Sandvik Materials Technology
IPSCO Tubulars
APICORP
Arabian Pipes Company
China Steel Corporation
Casing Demand to Grow Substantially in the Forecast Period
Casing dominated the global online market as they are widely used in various phases of well drilling and completion, including surface casing, intermediate casing, production casing, and conductor casing. Its versatile applications make it a crucial component in most oil and gas operations.
Browse summary of the report and Complete Table of Contents (ToC):
Oil and Gas Exploration is the Leading Application Segment
In terms of application, the oil and gas exploration is the leading segment due to the increasing demand for oil and gas exploration activities to meet this demand. OCTG products, particularly casing and tubing, are critical components used extensively in exploration wells.
Middle East is the leading Market Due to the Abundance of Oil and Gas Reserves
Region-wise, the Middle East is one of the largest growing markets with abundant oil and gas reserves. The region is a major oil-producing region, accounting for a significant portion of global oil output. The continuous extraction and production of oil necessitate a steady supply of OCTG for drilling and well maintenance.
A recent report thoroughly analyzes the major players in the Oil Country Tubular Goods market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Oil Country Tubular Goods.
Key Developments in Oil Country Tubular Goods Market
Tenaris, a leading provider of OCTG, acquired IPSCO Tubulars, a U.S. steel pipe manufacturer. The acquisition will allow Tenaris to expand its product portfolio and reach new customers in the U.S. market.
Nippon Steel & Sumitomo Metal Corporation, a Japanese steelmaker, acquired Vallourec, a French OCTG manufacturer. The acquisition will allow Nippon Steel & Sumitomo Metal Corporation to expand its product portfolio and reach new customers in the global OCTG market.
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